[PROMOTION] Reminder Scotiabank Momentum Infinite Visa First Year Fee Waived and Cautionary Note (expired on October 31, 2014)

This is just a quick reminder that if you apply for the Scotia Momentum Visa Infinite Card before October 31, 2014, your first year annual fee will be waived. The highlights of the card are as follows:

• $99 annual fee (waived if you apply before October 31, 2014)
• $30 fee for each supplementary cardholder
• Earn 4% cash back on gas and grocery purchases (on your first $25,000 of annual spending on these categories)
• Earn 2% cash back on drug store purchases and recurring bill payments (on your first $25,000 of annual spending on these categories)
• Earn 1% cash back on all purchases made above the $25,000 threshold on the categories listed above
• Earn 1% cash back on all other purchases

However, Scotiabank did a very sneaky move by having the promotion expiry on October 31, 2014. The reason is because you are only award the cash back once a year, on your November statement. Therefore, even though you may not be paying the annual fee when you receive the card, you will need to pay the annual fee if you want to receive all the cash back that you earn.

You can still wait until the November statement, pay the annual fee, receive the cash back that you earned all year, and then cancel it right away.

Though keep in mind that there is a $25,000 spending limit to receive the higher cash back return on certain categories. Therefore, the is actually a maximum return that you can receive:

• $25,000 x 4% = $1000
• $25,000 x 2% = $500

That means you can only earn a maximum of $1,500 ($1,000 + $500) for these categories. Thereafter, you will only be earning a 1% return. If you do end up spending the full $50,000, you will receive $1,401 ($1,500 – $99), which is still decent value for the annual fee. Therefore, I would strongly recommend this credit card for people who do spend a lot on those categories.